These Silicon Valley millionaires seem to me to be a perfect example of why we need more progressive taxation. It's not that they're unsympathetic characters -- they work very hard, and they seem like perfectly nice people. The trouble is that they're a case study in how the marginal utility of money diminishes, especially when there's nothing left to pursue but positional goods:
“Everyone around here looks at the people above them,” said GaryKremen, the 43-year-old founder of Match.com, a popular online datingservice. “It's just like Wall Street, where there are all thesefinancial guys worth $7 million wondering what's so special about themwhen there are all these guys worth in the hundreds of millions ofdollars."
...Silicon Valley offers an unusual twist on keeping up with theJoneses. The venture capitalist two doors down might own a CessnaCitation X private jet. The father of your 8-year-old's best friend,who has not worked for two years, drives a bright yellow Ferrari.
Apart from one woman who fulfilled a childhood dream by having aswimming pool in her backyard, there don't seem to be many people who are using their wealth to satisfy deeply felt personal desires.
